Money and Cars

AGEING POPULATION IS A HUGE OPPORTUNITY FOR UK ECONOMY

Monday 16 July 2012

Dr Ros Altmann, Director-General of Saga, comments:

AGEING POPULATION IS A HUGE OPPORTUNITY FOR UK ECONOMY

"On the face of it, this is of course great news. Lots more people are living longer nowadays and there are also increasing numbers of babies being born too. Of course we've known about the huge baby boom generation for decades and have also seen such success in keeping people alive longer, so it should not be a surprise that there are more older people.

"The real shame is that politicians failed to prepare people for this properly. Working longer, saving more and keeping active are vital ingredients of managing the ageing population. We need to help older people look after themselves, help younger people appreciate the value of elders and move away from old fashioned stereotypes of old people being not fit to do anything!

"We are currently wasting vital resources as millions of older people may find they are not using the skills they’ve acquired throughout their lives. By embracing and in fact welcoming the opportunities of working during part of these bonus years, we can help boost our ailing economy, ensure less reliance on the state and ultimately make retirement more fulfilling.

"This would be a win-win for the economy and society - it will help older people have higher incomes and create more jobs for the young. If we carry on as we are, then people will stop working, have low pension incomes and reduced spending power, which will stifle growth.

“Our research shows that many (71%) of our over 50s already want to work past 65, either part time or full time. There is a whole new phase of life opening up – the bonus years - where people work part time, as and when and how they wish to."